Mr. Michael Layde:

Yes, and that also applies to capacity building within the sector and so on. The sector in Ireland is very small and even in the aggregate it is very small. Individual associations are quite small when compared with the situation in the UK, particularly England. Having said that, we are making progress. There are challenges and blockages. Clearly, funding is a crucial issue. The Housing Finance Agency is very supportive regarding funding. For sound prudential reasons it has set a reasonably high barrier in terms of the capacity of particular associations of housing bodies to borrow. The numbers that are capable of borrowing from the HFA, having reached that threshold, is quite small. We hope the number will increase somewhat in the period ahead.

Another crucial relationship regarding the supply of properties is with NAMA, whether it is the local authorities or approved housing bodies. The complexities surround the status of the properties, the involvement of NAMA obviously - and we have had very good co-operation with it - also the original developers of the properties, the receivers and other lenders that may be involved. We have standardised a lot of our approach to the matter, which has led to an increase in the supply of properties to approved housing bodies.

Similarly, in terms of the mortgage-to-rent issue, approved housing bodies are crucial to the solution for commercial mortgages. Initially, there were issues with engagements with lenders and so on but we have smoothed those away fairly substantially at this stage. I would not underestimate the problems that we still face and that the sector still faces in terms of meeting those challenges. We work very closely with them and will continue to do so.